COFACE (COFA) Q3 2026 earnings summary

Executive summary

• 9M-26 revenue rose 1.7% at constant FX and perimeter to €1,413.3m; net income was €155.5m, including €47.7m in Q3, and annualized ROATE was 10.7%.

• Q3 revenue grew 5.4%, supported by record new production and stronger client activity; results also reflected growing services, higher costs and more large claims.

Financial highlights

• 9M reported revenue increased 1.9% YoY; insurance revenue was €1,135.6m and other revenue €277.7m.

• Operating income declined 7.2% to €242.8m and net income fell 11.8% to €155.5m; the effective tax rate was 26%, versus 23% a year earlier.

• Net earned premiums increased 0.7% to €820.8m; underwriting income after reinsurance was €220.2m, down 0.9%.

• Net investment income excluding finance costs rose 47.5% to €67.0m; insurance finance expenses were €39.5m versus €0.9m in 9M-25.

Outlook and guidance

• Higher interest rates, energy and commodity costs are expected to keep pressuring vulnerable corporates and sovereigns; preventive measures around vulnerable firms have been stepped up.

• Services revenue is on track to reach 12% of insurance revenue by year-end; continued investment in prevention, data and technology is planned.

• Reinsurance renewals were expected to retain favorable conditions, with no major change to program structure anticipated.